LIC cuts 2% stake in Tata Steel

Life Insurance Corporation of India (LIC) sold 2,43,33,412 equity shares, or 2.021% stake, in Tata Steel between 16 March 2021 to 15 June 2021.

Post transaction, LIC decreased its stake in the steel major to 6.946% stake from 8.967% held earlier. The deal was executed as a market sale.

On a consolidated basis, the steel major reported a net profit of Rs 6,644.15 crore in Q4 FY21 as against net loss of Rs 1,481.34 crore in Q4 FY20. Net sales during the quarter increased 39.4% year-on-year (Y-o-Y) to Rs 48,950.89 crore.

Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum. It is one of the world's most geographically-diversified steel producers, with operations and commercial presence across the world.

 

Shares of Tata Steel rose 0.99% to Rs 1,128.25 on BSE. The scrip hovered in the range of Rs 1,106 to Rs 1,133.75 so far.

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